Bookkeeping is evolving fast and it’s now much more than just entering data, reconciling payments and submitting your quarterly BAS!
With apps available for everything from Job Management to Point of Sale, Ecommerce, Human Resources, Online Payments, Inventory and Cash Flow just to name a few, we have seen the role of a bookkeeper move from just entering bills & reconciling bank accounts in accounting software to needing to be knowledgable across how to bring together all these different system and ensure the data flows efficiently and accurately between them.
Here are 5 key reasons a tech-savvy, digital bookkeeper can take your business to the next level in 2020.
- BIG DATA FOR SMALL BUSINESS
Reporting has been transformed!
You can now connect your accounting system & operation systems to powerful reporting software such as Microsoft Power BI. This enables business owners to be able to see the performance of your whole business on just one dashboard. Dig in to multiple financial or operational reports that are all customisable to your business and industry. Ask us how!
Best of all Power BI connects with your Xero Accounting Software & App Integrations such as Job Management and CRM Systems so you’re not missing any data points.
Complex data is presented in simple and easy to interpret visualisations so you know where you stand at any point in time.
- STRATEGIC ADVICE & ANALYSIS
With access to real-time data your bookkeeper is well placed advise you on ways to grow your businesses faster or help you be accountable to your business goals. Or work along side your trusted business advisor to ensure they have the information required to guide & advise your business.
Financial dashboards will help you make the right decisions for your business by giving you customised real-time information whenever and wherever you need it. Know your cash position, revenue vs. expenses, profit & loss trends, your most profitable customers, debtor days, and ROI.
- WORK FASTER & SMARTER
Start using technology to automate!
Your bookkeeper can help you in automating manual processes that used to take up so much admin time. Think automated receipt scanning, cash flow forecasting, invoice reminders, staff rostering, inventory management and much more.
This will reduce staffing costs or free up your own time so you’re able to work on the business. The faster you move to digital bookkeeping, the sooner your business will see the rewards.
- STAY UP TO DATE & COMPLIANT
It’s worth making sure your business is up to date and compliant with the Australian Taxation Office, as it can be costly and time consuming to fix after your data has been lodged.
For example, your bookkeeper may assist you in setting up Single Touch Payroll (STP), the new way of reporting payroll information to the ATO. Businesses must report to the ATO after each pay day and it needs submitted using a solution (like Xero) that is Single Touch Payroll compliant.
Your bookkeeper can also help with your Superannuation obligations to make sure you’re paying the right amount of superannuation and paying on time.
- MAKE IT EASY FOR YOUR ACCOUNTANT
To make your accountant’s job easier it’s important that they have the best software and data at their disposal, as well as someone that can help them understand the information they’re presented with when the come to do you end of year compliance work or monthly/quarterly management reports.
Your bookkeeper can help setup, integrate and ensure all your financial software are up to date, accurate and compliant.